2008 - WAEC Economics Past Questions and Answers - page 1
1
The main concern of economists is to
A
allocate scarce resouces to satisfy human wants
B
satisfy all human wants
C
redistribute income between the rich and the poor
D
control the growth of population
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2
Productive resources can also be called
A
principle of production
B
factors of production
C
items of production
D
labour and material resources
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3
production covers all the following except when
A
utility is created
B
a good is manufactured
C
a commodity is consumed
D
individual wants are satisfied
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4
Data presented in tables are usually arranged in
A
charts and graphs
B
rows and columns
C
graph and rows
D
columns and charts
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5
The theory of diminishing marginal utility states that as more units of a commodity are consumed , the
A
satisfaction from an extra unit decreases
B
satisfaction from an extra unit rises
C
satisfaction from an extra units remains constant
D
total satisfaction from the goods remains the same
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6
which of the following factors does not cause a change in demand
A
Taste and fashion
B
vagaries of weather
C
price of other commodities
D
price of commodity
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7
If good P and Q are jointly demanded, an increase in the price of P will likely
A
leave the demand for Q constant but reduce the quantity demanded of P
B
reduce the quantity of P but increase the Price of Q
C
Increase the quantity supplied of Q
D
decrease the quantity demanded of Q
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8
The gap between demand and supply curves above the equilibrium price is
A
normal demand
B
excess supply
C
equil;ibrium quantity
D
abnormal demand
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9
The gap between demand and supply curves above the equilibrium price is
A
normal demand
B
excess supply
C
equil;ibrium quantity
D
abnormal demand
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10
A major function of the price mechanism is that it determines the
A
allocation of resources
B
amount of national savings
C
population of the country
D
number of goods to be taxed
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